Cryptocom launched Cronos Mainnet Beta, the first Cosmos EVM chain to support DeFi, NFTs, and Metaverse.
Cryptocom releases the first Cosmos EVM chain supporting DeFi, NFTs, and Metaverse today (November 8th)- Cronos Mainnet Beta, according to a press release shared with Cryptopotato.
Cronos Mainnet Beta is a project that intends to deliver decentralized applications to the CryptoCom ecosystem’s customers.
Cronos Mainnet’s Specifications
Cronos Mainnet Beta is compatible with the Ethereum Virtual Machine and can execute smart contract scripts submitted by users. It allows developers to migrate smart contracts from Ethereum and other EVM-compatible chains to Cronos.
CRC-20 is the token standard on Cronos. Users can use it to bridge selected tokens from the CryptoCom App and Exchange to Cronos via the IBC channel, as well as from the CryptoOrg chain to Cronos via the Cronos network when depositing and withdrawing.
The Cronos bridge, according to the publication, is a completely decentralized protocol that makes use of the Cosmos SDK’s IBC and Gravity modules. Transfers between the CryptoOrg and Cronos chains are supported.
Other Partners of the Cronos Ecosystem
Apart from CryptoCom, the Cronos ecosystem has worked with a number of other prominent digital asset companies, including Chainlink, Metamask, Alchemy, Covalent, and others, with more to be disclosed at a later date.
Particle B, a blockchain accelerator, has launched the CRO EVM Fund to help fund the new infrastructure. It will give up to $1 million per project to at least 100 protocols that are dedicated to developing Cronos applications, tooling, and infrastructure.
It should be noted that the first Cronos Hackathon is now underway. It will run until November 24th, and during that time, it will encourage developers to share their early-stage projects and ideas with the Cronos ecosystem.
What will happen Next?
The project’s team promised to keep working on improving the network infrastructure and preparing for a complete mainnet launch. One of the key purposes of becoming a member of the Cosmos community is to connect additional Cosmos-based Chain tokens to Cronos via IBC.
Another key step is the development of a better Gravity Bridge and its possible implementation on the mainnet. Gravity Bridge is a bridge that connects Ethereum-based chain assets to the Cronos network at its heart.
Following that, the team will allegedly listen to community comments and upgrade the project’s blockchain infrastructure in response to client requests.